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Family Dollar – American Variety Store Chain Expanding its Presence
Family Dollar is the leading variety store chain based in US. With around 8000 locations in all the American states except Hawaii, Alaska, Washington and Oregon, Family Dollar is the second largest retail brand in the US. Family Dollar is based in North Carolina where it has the staff of 1400 employees. Leading shareholder and activist investor, Carl Icahn demanded to put up for sale in June 2014. On July 2014, Dollar Tree declared purchase of the company for $8.5 billion. The sale showed the windfall to the biggest shareholder of the company, Carl Icahn, who owned 9.4% stake in the month of June 2014.
As of 2013, Family Dollar Stores Inc. recorded its strongest sales growth at stores in its February quarter. The company’s profit and sales met the expectations for its financial second quarter despite extreme weather and lower purchases at the end of February. For the year, the company declined to provide guidance and its deal was bought by Dollar Tree. But the sales of same store rose by 3.7% in March earlier this year, according to The Wall Street Journal.
Howard R. Levine, Family Dollar Chief Executive added, “Though our trends were impacted adversely due to severe weather, they rebounded well in March, showing both benefits of earlier Easter and improved traffic trends.”
The Wall Street Journal further reports 1% or 84 cents per share of rise in Family Dollar, to $79.97. Hence, it gained $2.95 per share to $83.53 to Dollar Tree in 4 pm, on Wednesday. The companies are almost witnessing regulatory approval for their merger of around $9 billion.
According to the company, the review of acquisition has been done by the Federal Trade Commission and identified by the divestiture of over 340 stores. Dollar Tree is looking forward to close merger in the month of May but timing is subject to specific factors, which are beyond its control. After merger, Dollar Tree will generate the revenue of $19 billion with around 13000 stores and outperform Dollar General Corp. as the leading dollar chain in Dollar General, which has $18.9 billion of revenue with 11789 stores in 2014, pursued deal with Family Dollar.
How it originated?
A 21-year-old entrepreneur, Leon Levine established Family Dollar real estate in the year 1959. In November 1959, the first store of the company was opened in Charlotte, North Carolina. In 1961, the company opened its first store in South Carolina, after that, it opened Family Dollar investment property in Virginia and Georgia, opened in 1965 and 1962. In 1960s, the brand was operated in the southern United States. In Charlotte alone, it opened over 50 stores by 1969.
For the store chain, 1970s were years to grow. The stock went public in Family Dollar for the first time at the rate of $14.5 per share. The chain opened its 100th store in 1971, 200th by the year 1974 and 300th by 1978. It opened a distribution center in 1974 in Matthews, North Carolina and its stock started trading at New York Stock Exchange in 1979.
The 400th store was opened in 1981, 500th by 1982 and 700th in 1983. The company expanded at huge scale in 1980s. It opened 1500 Family Dollar properties by 1989. The company introduced its Family Dollar franchise in West Memphis, Arkansas; Duncan, Oklahoma and Front Royal in Virginia.
Since the year 2000, it has seen rapid growth with over 3500 new stores added and new distribution centers opened in Maquoketa in Iowa, Morehead in Kentucky, Odessa in Texas, New York and Marianna in Florida. After retirement of Leon Levine in 2003, his son Howard R. Levine became CEO and Chairman to run his multibillion-dollar giant.
Family Dollar Properties For Sale Across the United States :
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands, Washington, West Virginia, Wisconsin, Wyoming